Smart hospital market value to reach $59bn globally by 2026
Adam Wears of Juniper Research
Hampshire, UK. 26th October 2021 – A new study by Juniper Research has found that the smart hospitals market will be worth $59 billion (€50.78 billion) by 2026, up from $29 billion (€24.96 billion) in 2021; representing an average annual growth of 15%. The concept of the smart hospital includes healthcare providers leveraging advanced analytics, connected devices, and healthcare platforms to improve care, productivity, and operational efficiency.
The new report Smart Hospitals: Technologies, Global Adoption & Market Forecasts 2021-2026, identified the US and China as leading smart hospital adopters; accounting for $17 billion (€14.63 billion) of market value in 2021. It highlighted digital healthcare initiatives implemented in light of the COVID-19 pandemic and high levels of existing digitalisation within healthcare infrastructure as key to these countries’ positions as leaders.
US & China to lead growth
The research forecasts that the US and China will grow to account for over 60% of global smart hospital spending by 2026. It predicts that these countries’ pre-existing smart hospital services, allied with the formulation of favourable reimbursement structures, will provide an ideal basis for further smart hospital roll-outs.
However, it cautioned that the need for pre-existing digital infrastructure, such as electronic health records, will limit smart hospital roll-outs to developed regions. As a result, it anticipates that Latin America, Africa, and the Middle East will represent less than 5% of global smart hospital spending by 2026.
Interoperability is vital to unlocking value
Juniper Research’s report outlined how a current lack of interoperability between devices and platforms has resulted in a high degree of fragmentation that will require regulatory intervention on a country-level basis.
Research author Adam Wears explains, “Vendor lock-in and high investment requirements are the most prevalent issues for healthcare providers in adopting smart hospital services. At a time when healthcare industries are still feeling the impacts of the global pandemic, the long-term benefits of smart hospital services must be demonstrated to foster confidence in these services’ ability to secure a return on investment.”
For more insights, download our free whitepaper: Smart Hospitals: Using Big Data to Enhance Healthcare Delivery
Comment on this article below or via Twitter @IoTGN